Ripple CEO Addresses Accusations of Lobbying Against Bitcoin
Alex Dovbnya Ripple has been named as the main hindrance to the creation of a strategic Bitcoin reserve Cover image via youtu.be Ripple CEO Brad Garlinghouse has taken to the X social media network to address accusations of lobbying against Bitcoin. Garlinghouse claims that his company's efforts are actually increasing the likelihood of a strategic cryptocurrency reserve happening. Pierre Rochard, vice president at mining giant Riot Platforms, has argued that Ripple is actually the biggest obstacle to the creation of the strategic Bitcoin reserve. Related Rochard claims that the enterprise blockchain company, which is linked to the controversial XRP cryptocurrency, is "desperately" trying to derail the reserve with aggressive lobbying. Garlinghouse's response suggests that Ripple is actually advocating for a multi-token reserve. This will not sit well with Bitcoin proponents who see the flagship cryptocurrency as a digital alternative to gold. "Pretty much confirmed"In the meantime, Changpeng Zhao, the former CEO of the Binance exchange, has said that a strategic Bitcoin reserve is "pretty much confirmed." "Crypto moving at crypto speed again," the cryptocurrency mogul has added. This comes after Senator Cynthia Lummis of Wyoming was picked to chair the new Senate subcommittee on digital assets. Related Lummis, a longtime cryptocurrency proponent, introduced her legislation aiming to create a 1-million-unit Bitcoin reserve last year. Despite facing substantial criticism from crypto naysayers, the initiative has managed to gain significant traction. According to Polymarket bettors, there is a 48% chance of a strategic Bitcoin reserve being created during the following three months.It has been reported that a working group is set to evaluate the creation of a national cryptocurrency reserve. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Alex Dovbnya Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected]. Related articles